The thing is, Saylor has repeatedly shown that you can't trust what he says. Now he says he has 3.6 years' worth of USD reserves, but on a previous occasion he suddenly reduced those reserves to less than half by repurchasing convertible debt. You have no way of knowing whether he's going to set it aside to pay dividends, to repurchase more convertible debt, or to spend it on buying Bitcoin.
When the message was clear and simple, and Saylor hadn't contradicted himself a thousand times, he hardly faced any criticism. Now it's normal for him to face criticism.
Also, in case they decide to issue more debt, or raise dividends on the current one, the reserves would be shrunk immediately.
But I have a suspicion that Saylor, as vocal as he's been over the years, was deemed useful in a past phase for MSTR. They are now worried about the efficiency of their capital flywheel, rather than keeping it spinning!
